Emaar Properties, one of the biggest developers in the Middle East, said that it refuted a report published by a local newspaper that it will provide 10-year visa to investors in Dubai, in a statement on Tuesday.

The local Arabic newspaper "Al Bayan" reported Tuesday that Emaar Properties was offering 10-year residence visa to investors who buy real estate in certain projects offered by Emaar in the United Arab Emirates (UAE).

"The issuance of visa falls under the purview of the concerned authorities and Emaar does not have any role regarding the same," said Emaar in the statement.

Residence visas for foreigners who live in the UAE are usually valid for up to three years.

More than 80 percent of the approximately 10 million inhabitants in the Gulf state, a major oil supplier, are expatriates.

Earlier in May, the UAE government announced it would launch by the end of 2018 a new residence visa scheme which would make expats with certain (mostly academic) qualifications to become eligible to obtain a 10-year visa.